EU-Harmonised Alternative Investment Funds for Closed-Club and - - PowerPoint PPT Presentation

BENDURA FUND MANAGEMENT BETA AG Schaaner Strasse 27 Phone +423 399 400-0 9487 Gamprin-Bendern contact@bendurafunds-beta.li Principality of Liechtenstein www.bendurafunds-beta.li Reg.-No. FL-0002.561.224-1

EU-Harmonised Alternative Investment Funds for Closed-Club and Single Investors

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 1

China Offshore Summit Shenzhen 2018

Olaf KOEHLER CEO

Contributions to China Offshore Summit Shenzhen 2018

Overview

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 2

Tuesday, May 22, 2018 EU-Harmonised Alternative Investment Funds for Closed-Club and Single Investors Thursday, May 24, 2018 Liechtenstein a Reliable Hub: EU-Harmonised Alternative Investment Funds as Corporate Structuring Vehicles

Liechtenstein AIFs for Closed-Club and Single Investors

Table of Contents

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 3

EU Alternative Investment Fund Managers Directive (AIFMD)

The resilient Alternative Investment Fund (AIF) structure AIFM’s governance framework and internal monitoring systems

Individual AIF solutions

Closed-club and single investor AIFs Single asset / single target AIFs

Subscribing fund units and settlement via clearing systems

Purpose and advantages of central counterparties (CCP) Fund unit subscripiton and settlement

Liechtenstein AIFs for Closed-Club and Single Investors The resilient Alternative Investment Fund (AIF) structure

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 4

Alternative Investment Fund Manager (AIFM) Alternative Investment Fund (AIF)

Leverage

• ptions

Portfolio management Marketing

Depositary External audit Financial Market Authority

Management

External control authorities

Fund level Fund + AIFM level

Prime broker(s)

Target investment(s)

Risk management Fund administration Compliance

Investor(s)

Financing institution(s)

Liechtenstein AIFs for Closed-Club and Single Investors AIFM’s governance framework and internal monitoring systems

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 5

Internal audit Compliance Risk control Controlling Business areas (risk management) Financial Market Authority External audit Depositary bank Managing Board Board of Directors

Legal & regulatory require- ments Internal policies, procedures and control framework

Liechtenstein AIFs for Closed-Club and Single Investors Closed-club, single investor AIFs / single asset, single target AIFs

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 6

• Exclusive funds for closed-club and single investors possible
• Accredited approach to anonymise market participants
• No limitations regarding the number of investors and target

investments

• Application range amongst others:
• wrapping any types of assets
• succession and tax planning
• anonymising of strategic or activistic investments
• protection against hostile takeovers
• asset structuring within more or less complex corporate structures

Liechtenstein AIFs for Closed-Club and Single Investors Purpose and advantages of central counterparties (CCP)

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 7

Definition: A Central Counterparty is a mutually trusted financial intermediary which mitigates the mutual counterparty risks of a financial transaction by acting as contractual seller to each buyer and as contractual buyer to each seller. Advantages:

• Reduced counterparty risk
• Reduced processing costs (no due diligence of counterparty)
• Increased offsetting efficiency
• Enables anonymous trading

Liechtenstein AIFs for Closed-Club and Single Investors Fund unit subscription

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 8

• Bank of investor files subscription form without disclosing investor,

covenants that investor is eligible pursuant to AIF’s prospectus, submits to depositary bank of AIF

• Depositary bank forwards subscription details to AIF
• AIF accepts subscription, instructs depositary to settle transaction
• Depositary bank exchanges settlement details with bank of investor
• Bank of investor and depositary bank instruct their regarding

Central Securities Depositories (CSD) with settlement details

• Transaction matches, fund units and monies are exchanged at CCP

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 9

Subscr.

AIF as Issuer

• f fund units

Investor DEPOSITARY of AIF as paying agent Instruction CSD SIX SIS (Switzerland) Bank of investor Instruction ICSD: Euroclear (Belgium) Investor Bank of investor Instruction UBS

(agent/custodian) ICSD Clearstream (Luxembourg)

Investor Bank of investor Instruction CSD ESES (France) Investor Bank of investor Instruction BNP Paribas

(agent/custodian) Direct access «Inhouse» ICSD with SIX SIS Inhouse account ICSD with local Inhouse agent CSD to CSD

Liechtenstein AIFs for Closed-Club and Single Investors Fund unit settlement using uncertificated intermediated securities

BENDURA FUND MANAGEMENT BETA AG Schaaner Strasse 27 9487 Gamprin-Bendern Principality of Liechtenstein Phone +423 399 400-0 contact@bendurafunds-beta.li www.bendurafunds-beta.li

BENDURA FUND MANAGEMENT BETA AG Contact

May 22, 2018 | BENDURA FUND MANAGEMENT BETA AG | Page 10